Stock Market Today, March 19: Rivian Jumps After Partnering With Uber on $1.25 Billion Robotaxi Investment Plan
Rivian Automotive (NASDAQ:RIVN), which designs and manufactures electric pickup trucks and SUVs, closed Thursday at $16.12, up 3.80%. Shares rose after Uber Technologies (NYSE:UBER) announced plans to invest up to $1.25 billion through 2031 to deploy Rivian’s R2 SUVs as robotaxis. Investors are watching execution milestones on autonomy and volume commitments. Trading volume reached 75.4 million shares, coming in about 132% above its three-month average of 32.6 million shares. Rivian Automotive IPO'd in 2021 and has fallen 84% since going public.
How the markets moved today
S&P 500 slipped 0.28% to 6,606, while the Nasdaq Composite also fell 0.28% to 22,091. Among electric vehicle manufacturing peers, Tesla closed at $380.30, down 3.18%, while Lucid Group finished at $10.30, up 3.52%, reflecting mixed sentiment across the sector.
What this means for investors
Uber announced plans to invest up to $1.25 billion in Rivian to provide it (or its partners) with “10,000 fully autonomous R2 robotaxis with the option to purchase up to 40,000 more in 2030.” The robotaxis will initially be deployed in Miami and San Francisco in 2028, potentially expanding to 25 cities by 2031.
The initial $300 million cash infusion will help Rivian continue ramping up its mass-market EV manufacturing volume, which should keep improving the company’s margins over time. That said, Rivian is still a ways off from consistent profitability and cash generation, so the stock is best left for risk-tolerant investors. However, home to partnerships with Uber, Amazon, and Volkswagen, Rivian will be well supported.
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Josh Kohn-Lindquist has positions in Tesla and Uber Technologies. The Motley Fool has positions in and recommends Amazon, Tesla, and Uber Technologies. The Motley Fool has a disclosure policy.
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